Warburg Pincus related stories
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Slide Show: Developments Among Industry's Largest LBOsSponsor-backed industrial giants have been busy in 2011. sister publication Buyouts finds. Three of the largest LBO deals went public again since the first of the year, while others have taken advantage of easy credit conditions to extend debt maturities. Even the troubled Energy Future Holdings Co., facing a claim by a creditor of a techincal default, was able to extend the maturities on $17.8 billion in debt. A word about our methodology: Our list of biggest deals is derived from a Thomson Reuters database of private equity deals. We chose the largest buyout deals of U.S. companies that file quarterly statements with the SEC. We excluded foreign companies, deals that were predominantly about the real estate, companies that no longer have private equity sponsors (as a result of IPOs or strategic sales) and those that do not file 10-Ks. Here is a roundup of recent developments, based on regulatory filings, company announcements and news reports.
- Norwest Doesn't Look 50
VC firms celebrates half a century; and notes from NVCA conference
- Buyout Firms Among Suitors for AstraZeneca Unit
Private equity firms Bridgepoint, Cinven, PAI Partners and Warburg Pincus had all joined the first round of bidding for AstraZeneca's dental implants and medical devices division Astra Tech, Reuters reported, citing a report by the Mail on Sunday newspaper. The firms are competing with U.S. orthopaedic devices maker Zimmer for the unit. The sale is expected to fetch about 1.3 billion pounds ($2.1 billion).
- Suniva Inks $94.3M of a Planned $115M Round
U.S. solar start-up Suniva Inc., which is backed by a long line of brand-name investors including Warburg Pincus and New Enterprise Associates, has closed on $94.3 million of a proposed $115 million equity financing round, according to a filing http://sec.gov/Archives/edgar/data/1412639/000141263911000003/xslFormDX01/primary_doc.xml with the Securities and Exchange Commission.
- Suniva Inks $94.3M of a Planned $115M Round
U.S. solar start-up Suniva Inc., which is backed by a long line of brand-name investors including Warburg Pincus and New Enterprise Associates, has closed on $94.3 million of a proposed $115 million equity financing round, according to a filing http://sec.gov/Archives/edgar/data/1412639/000141263911000003/xslFormDX01/primary_doc.xml with the Securities and Exchange Commission.
- IPO-bound Ziggo Refinances Debt
Dutch cable operator Ziggo is refinancing its existing debt as it makes its way toward and initial public offering, Reuters reported. The company plans to extend the maturity of its 250 million euro ($360 million) debt by two-and-a-half years. Private equity owners Cinven and Warburg Pincus have hired STJ Advisors to prepare for an IPO that could value Ziggo at around 7 billion euros, Reuters reported previously.
- Why the Line for the Women's Bathroom Is Significant, and Other Observations from the NVCA's Annual Meeting
Venture capitalists are characteristically an upbeat bunch. It’s sort of a requirement for anyone who makes a living funneling millions of dollars to money-losing companies in the hopes of making enormous profits from the few that succeed. This year, however -- with the industry coming out of a multi-year period of sluggish fundraising and under-performing returns in the wake of the financial crisis -- optimism seems to be on overdrive. As I made the rounds at this year’s National Venture Capital Association Conference in Boston, virtually every venture industry I spoke with said he or she sees see current conditions as more favorable than a year ago. IPOs are back. M&A is picking up. And the closing of several outsized follow-on funds indicates that LPs are dipping their toes back in venture waters. Contrarians might take that as a risky sign. After all, there’s a lot more upside from the bottom of a cycle than near the top. But for now, judging by the vibe at the NVCA conference, VCs are feeling pretty good. Following are some snippets from the panels, events, conversations, and bathroom lines:
- NVCA Elects Paul Maeder Chairman
The National Venture Capital Association has elected Paul Maeder, a co-founder and general partner of Highland Capital Partners, chairman of its board of directors for 2011-2012. Paul Maeder was preceded by Kate Mitchell, managing general partner of Scale Venture Partners. The NVCA also announced that the chairman-elect for 2012-2013 term is Ray Rothrock, general partner of Palo Alto, Calif.-based Venrock. NVCA also added six new members to four-year terms on its board: Jon Callaghan of True Ventures; David Douglass of Delphi Ventures; Bob Goodman of Bessemer Venture Partners; Ray Leach of JumpStart Inc.; Jonathan Leff of Warburg Pincus; and David Lincoln of Element Partners.
- Warburg Pincus Exits Inspire Pharmaceuticals
Merck will acquire specialty pharmaceutical company Inspire Pharmaceuticals Inc. in a deal valued at roughly $430 million. Private equity fund Warburg Pincus Private Equity IX, L.P., which owns approximately 28% of the outstanding shares of Inspire, has agreed to tender all of its shares into the offer. Merck will pay $5 per share for Inspire Pharmaceuticals, representing a 26% over the company’s April 4 closing price.
- ARAMARK-able Dividend for PE Investors
It's been awhile since I've posted anything on the payout parade. Well, today's is a good one. ARAMARK, which provides food services to stadiums and arenas, is issuing http://phx.corporate-ir.net/phoenix.zhtml?c=130030&p=irol-newsArticle&ID=1545672&highlight= $600 million in notes via a private placement. ARAMARK plans to use proceeds from the offering, along with proceeds it receives from borrowings under a revolving credit facility, to pay a dividend to ARAMARK stockholders.